“Silver takes off” - that was the title of our analysis on April 16. And indeed, the precious metal silver (XAGUSD) has been in extremely strong shape since the punctually arrived low (and turning point) on March 31 and was able to impress with over 12 percent.
The higher-level directional filters (on a weekly basis) are also green, which further underpins the positive picture from the point of view of the technical definition.
If the support level (green zone) is no longer sustained below USD 26.15 and especially USD 25.80, we expect the price to rise further to USD 27.80. The momentum is likely to increase even further above USD 27.00 (due to increasing demand on the long side).
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